In a recent circular by its Director of Trade and Exchange, Dr Mahmoud Hassan, the CBN said that IOCs can now use oil and gas export proceeds in the country to settle petroleum tax obligations and contractors' invoices. In a circular in February 2024, the bank had directed that only 50 per cent of oil and gas export proceeds could be taken out of the immediately earned.
'The initial 50 per cent of repatriated export proceeds can be pooled immediately or as required. 'Banks may submit requests for cash pooling ahead of the expected date of receipt, supported by the required documentation for approval by the CBN. 'The 50 per cent balance of the repatriated export proceeds could be used to settle financial obligations in Nigeria whenever required during the prescribed 90-day period.
Source: News Formal (newsformal.com)
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